The BLVD Group Strengthens Its Rhode Island Presence with Woonsocket Purchase
WOONSOCKET, R.I., April 17, 2025 /PRNewswire/ -- The BLVD Group ("BLVD"), a leading developer and owner of affordable housing, today announced its $57 million acquisition and planned LIHTC renovation of Rock Ridge Apartments, a 152‑unit community in Woonsocket, Rhode Island. The transaction positions the company to preserve and upgrade existing affordable housing while expanding opportunities for lower income households across the region.
Through this transaction and subsequent development, BLVD is revitalizing the property, creating 30 new affordable units, and expanding access to affordable housing for lower income households. Upon completion, all units will be available to families earning up to 50% or 60% of the Area Median Income (AMI). The acquisition and renovation are being financed through Low Income Housing Tax Credits (LIHTC) and tax-exempt bonds issued by Rhode Island Housing with a permanent Fannie Mae loan. Additional funding includes equity from the sale of renewable energy tax credits and a construction loan from Merchants Bank.
"This acquisition represents an exciting opportunity to transform a vital community asset into a modern, energy‑efficient home for families in need," said Rob Budman, Managing Principal at BLVD. "The comprehensive renovations exemplify our commitment to revitalizing affordable housing with thoughtful design and sustainability at its core."
The renovation scope includes replacement of the majority of the building envelope and full interior upgrades, such as modernized kitchens and baths. Enhanced building systems will incorporate high‑efficiency electrical and water solutions and a 666 kW solar energy generation system to produce the bulk of the building's power needs. Additional community amenities include a renovated basketball court, clubhouse, and BBQ areas designed to enrich resident living experiences.
The acquisition and renovation of Rock Ridge Apartments both advances high-quality housing for lower income families and reinforces BLVD's position as a leader in Rhode Island's affordable housing market.
Project Team:
- Developer: The BLVD Group
- Equity Partner: Merchants Capital
- Permanent Lender: Fannie Mae
- Bond Issuer: Rhode Island Housing
- Construction Lender: Merchants Bank
Total Development Costs: $56,970,105
About The BLVD Group:
The BLVD Group is a leading multifamily investment and development firm providing innovative solutions across the income spectrum through investments in market-rate, middle-income, and affordable housing. BLVD and its principals have successfully executed over $3 billion in investments across multiple strategies and currently own and operate a nationwide portfolio exceeding $1 billion in assets. Leveraging a strategic approach and deep industry expertise, BLVD delivers superior returns for investors while positively impacting communities nationwide.
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SOURCE The BLVD Group